Ann: December 2009 Quarterly Report , page-16

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The good oil Robin Bromby From: The Australian February 12, 2010 3:00PM Increase Text SizeDecrease Text SizePrintEmail Share
Add to DiggAdd to del.icio.usAdd to FacebookAdd to KwoffAdd to MyspaceAdd to NewsvineWhat are these?IF you're looking for a good steer on where oil prices are going this year, you may be in for a disappointment.
The Commonwealth Banks weekly oil report is predicting that prices are likely to be volatile over 2010, although as the year goes on the oil price is likely to creep towards the upper end of its recent trading range as the international economic recovery becomes better established.

With most of the world now using more oil, the greatest risk to the oil price forecast lies with the still very weak trend in US oil demand.

The Commonwealth Bank analysts expect that OPEC, when it meets next Wednesday, will leave production levels unchanged. OPECs expected hesitant approach to increasing oil production targets may add some pressure to the oil price, the report adds.

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Meanwhile, Hartleys has put a buy call on Tap Oil. This company is due to report earnings on February 26, and analyst Dave Wall is expecting a swing away from two consecutive years of losses to a profit this time of $8.4 million.

This is largely due to the settlement of $US21m in insurance claims against infrastructure damage and lost revenue from the Varanus Island explosion in mid-2008.

Hartleys is expecting calendar 2010 to be a big one for TAP.

The company has significant exploration potential in its portfolio, most of which has near-medium term drilling. Any one of several prospects could result in multiple returns on investment from current prices, with downside limited by cash, gas contracts and 2P reserve value, wrote Wall.

He expects the share price will appreciate considerably as the drilling activity approaches, especially for the larger prospects